Answer:
Missing word "b. Calculate the over or under applied amount for the year. c. Prepare the journal entry to close factory overhead into Cost of Goods Sold."
Predetermined Overhead Rate = $844,800 / 35,200
Predetermined Overhead Rate = $24 per machine hour
a. Total Factory Overhead Applied = $24 * 54,600 hours = $1,310,400
b. Under-applied Overhead = $1,329,000 - $1,310,400 = $18,600
c. Journal Entry
Cost of Goods Sold Dr. $18,600
To Manufacturing Overhead Cr. $18,600
The following information was taken from the 2017 financial statements of Planet Corporation:
Accounts receivable, January 1, 2017 $21,600
Accounts receivable, December 31, 2017 30,400
Sales on accounts and cash sales 438,000
Required:
Determine the cash collected from customers by Planet Corporation in 2017.
Answer:
$429,200
Explanation:
Considering the above information, cash collected from customers by Planet Corporation in 2017 would be;
= Accounts receivable January 1, 2017 + Sales on accounts and cash sales - Accounts receivables January 31, 2017
= $21,600 + $438,000 - $30,400
= $429,200
All defective parts must be removed and repaired at a cost of $120 per part. 1. Using expected value, is it economically better to make or buy the component
Answer:
Yes repair work is better than purchase of new equipment.
Explanation:
The cost of purchase and manufacturing new component is higher than the expected value of the repair cost. The repair cost is $120 which is added in the total cost of component. The manufacturing cost of the component is much higher than damage repair cost. The company should choose to repairing the component rather than buying or making a new one as it is economically better.
A consumer has an income of $320 and the price of x is $5, while the price of good y is $12. In this case, if the consumer only purchases good x, she can buy _____ units, but instead, if she only buys good y, then she can afford to buy _____ units.
Answer:
If the consumer only purchases good x, she can buy 64 units, but instead, if she only buys good y, then she can afford to buy 26.67 units.
Explanation:
Given:
Income of the consumer = $320
Price of x = $5
Price of y = $12
Therefore, we have:
Units obtainable by purchasing x only = Income of the consumer / Price of x = $320 / $5 = 64
Unnits obtainable by purchasing y only = Income of the consumer / Price of y = $320 / $12 = 26.67
Therefore, if the consumer only purchases good x, she can buy 64 units, but instead, if she only buys good y, then she can afford to buy 26.67 units.
An investment will pay $150at the end of each of the next 3 years, $250 at the end of Year 4, $300 at the end of Year 5,and $500 at the end of Year 6. If other investments of equal risk earn 11% annually, what is its present value
Answer:
Total PV= $976.6
Explanation:
Giving the following information:
Cash flows:
Cf1 to 3= $150
Cf4= $250
Cf5= $300
Cf6= $500
Discount rate= 11%
To calculate the present value, we need to use the following formula on each cash flow:
PV= Cf*(1+i)^n
Cf1= 150/1.11= 135.14
Cf2= 150/1.11^2= 121.74
Cf3= 150/1.11^3= 109.68
Cf4= 250/1.11^4= 164.68
Cf5= 300/1.11^5= 178.04
Cf6= 500/1.11^6= 267.32
Total PV= $976.6
. Please list and discuss three. Earlier, we discussed the idea of the government creating a system where gasoline is purchased on the supply curve for $4 per gallon, and sold to us on the demand curve for $2 per gallon. Please list and discuss three reasons why this idea may be a BAD IDEA. reasons why this idea may be a BAD IDEA.
Answer:
Answer is explained in the explanation section below.
Explanation:
Solution:
This question discusses about the concept of subsidy. Let's first get to know what is subsidy.
Well, subsidy is a financial relief that usually governments give to their people and industries to grow the economy of the country and to give relief to the common people of the country. For example, if a country is importing gas on the rates of $4 per gallon, then as a subsidy it will provide the gas to industries and people to $2 per gallon. It seems as a good idea but it has serious repercussions as well. It may be terrible idea as well, let's see how.
1. Higher amounts of taxes:
The amount that common people and industries get as a subsidy is basically driven out from the people in the form of taxes. Governments raise funds for the subsidy from the tax collection of the country. So, if the subsidies are given then, there is a high probability that, government will impose higher taxes on the people of the country.
2. Misuse:
Obviously, if government gives subsidies then opportunists and people who hoard goods will misuse and buy huge amounts in less prices and sell it in the original prices. It can disturb the demand and supply curve and hence raise the inflation in turn.
3. Supply deficiency:
With subsidies on goods comes deficiency of supplies as well. Due to less prices of a particular good in the market, demand can go huge. Consequently, it can create supply deficiency and will eventually contribute in removing of the subsidies.
Which tool is being currently used to provide ITPA solutions via CIAP?
There are different new upgrade in IT. tool is being currently used to provide ITPA solutions via CIAP is Ayehu NG
Ayehu NG is simply known to be a No-code IT Automation and Orchestration platform created especially for IT Operations. It is run by by machine learning algorithms,It acts as a force multiplier, pushes efficiency via a simple and powerful automation platform. It can be used in on-premises and private and public cloud platforms.
As an intelligent IT Automation and Orchestration platform made for the Digital Era, it has web 3.0 automation platform for IT and security operations.
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The AICPA's Code of Professional Conduct requires independence for all: Select one: a. attestation engagements. b. services performed by accountants in public practice. c. professional work performed by CPAs. d. accounting and auditing services performed.
Answer: attestation engagements
Explanation:
The AICPA's Code of Professional Conduct requires independence for an attestation engagements.
An attestation engagement is referred to as when an arrangement is being made with a client whereby a particular subject matter brought by a client is being investigated by a independent third party and then gives a feedback based on the reports.
Traditionally, design and manufacturing activities have taken place sequentially. Nowadays, the concurrent engineering is more preferred because:
Question Completion with Options:
O Concurrent engineering requires less teamwork.
O In concurrent engineering, design and manufacturing activities have taken place sequentially.
O Concurrent engineering saves resources and time.
O Concurrent engineering requires less support of an organization's top management.
Answer:
Traditionally, design and manufacturing activities have taken place sequentially. Nowadays, the concurrent engineering is more preferred because:
O Concurrent engineering saves resources and time.
Explanation:
Concurrent engineering or simultaneous engineering refers to the method of designing and developing products in which the different processes run at the same time and not sequentially. This method reduces product development time. It has also drastically reduced the time to market. Concurrent engineering has led to improved productivity and reduced costs, both in the design, manufacture, and marketing of products.
AtoZ Co. purchased a 3-year insurance policy on February 1, 2020, for $19,440. a. Record the entry for the purchase of the insurance coverage on February 1, 2020, recording the full amount as prepaid insurance. b. Record the required adjusting entry on December 31, 2020. Note: Round your answers to the nearest dollar. For example, enter 50 for 50.49 and enter 51 for 50.50
Answer:
a.
Feb 1, 2020
Prepaid Insurance 19440 Dr
Cash 19440 Cr
b.
Dec 31, 2020
Insurance Expense 5940 Dr
Prepaid Insurance 5940 Cr
Explanation:
a.
The purchase of 3 year insurance on 1 Feb 2020 will be recorded by adding the amount of purchase to the prepaid insurance account as it is an advanced purchase of policy. The resulting credit account will be cash which will represent payment for the insurance.
b.
The adjusting entry will be passed based on accrual or matching principle. The insurance expense per month is,
Insurance expense per month = 19440 / 36 = $540
The insurance expense for 2020 = 540 * 11 = $5940
The insurance expense will be debited by $5940 and prepaid insurance will be credited.
In February 2008, the household survey indicated that about 250,000 people lost or left their jobs. At the same time, though, the ranks of the unemployed declined by nearly 200,000. The counterintuitive result was that the number of unemployed workers fell even as the economy was shedding jobs. What explains both a drop in employment and a reduction in the number of workers considered unemployed by the BLS
Answer:
The result can be explained by the fact that about 450,000 people got new jobs. This means that the 250,000 that left their jobs actually got new jobs in addition to 200,000 others who also got jobs (perhaps as replacements for the 250,000 that relocated jobs) after being unemployed for some time.
Another possible explanation may be as a result of some drop in the population resulting from aging and death, which causes a decline in labor force participation.
Explanation:
A drop in unemployment rates foreshadows that the economy is rebounding. This is a good sign of economic recovery. When new jobs are created due to technological advancements, people tend to move from one job to another, and those open positions are quickly refilled from the pool of the unemployed. This means that productivity will be on the increase, and the economy will be the better for it.
Peterson Photoshop sold $1,900 in gift cards on a special promotion on October 15, 2021, and sold $2,850 in gift cards on another special promotion on November 15, 2021. Of the cards sold in October, $190 were redeemed in October, $475 in November, and $570 in December. Of the gift cards sold in November, $285 were redeemed in November and $665 were redeemed in December. Peterson views the probability of redemption of a gift card as remote if the card has not been redeemed within two months. At 12/31/2021, Peterson would show a deferred revenue account for the gift cards with a balance of:
Answer:
$1,900
Explanation:
Calculation for what Peterson would show as a deferred revenue account for the gift cards with a balance of:
Deferred revenue account=$2,850+($285+$665)
Deferred revenue account=$2,850-950
Deferred revenue account=$1,900
Therefore At 12/31/2021, Peterson would show a deferred revenue account for the gift cards with a balance of:$1,900
Monic, a college professor, makes 30 photocopies of a passage from a famous novel and passes the article out to her students. The students are assigned to read the passage and write an opinion paper about it. Has Monic violated copyright law?
Incomplete question. The options:
a) Yes, Though the author will probably not enforce his or her rights under this situation, Monic has technically violated federal copyright law.
b) No. Educators have a right under the "fair use doctrine" to make limited use of copyrighted materials.
c) Yes. Monic has technically violated federal copyright law by copying and distributing this original work.
d) None of the above.
Answer:
b) No. Educators have a right under the "fair use doctrine" to make limited use of copyrighted materials.
Explanation:
Based on the "fair use doctrine" in the United States, professor Monic did not violate copyright law from a legal standpoint.
Another interesting detail is the number of copies redistributed by Monica, only "30 copies", and according to the provisions of the "fair use doctrine" that can be considered fair. Not forgetting also the substantial nature of copying, since only "a passage" from the novel is photocopied.
According to the CME Group, the market price of the E-mini futures is $2,939.25. Each futures contract delivers 50 times the index. A long-only equity portfolio with market value of USD $10,000,000 has a beta of 1.5. The portfolio manager is planning to increase market exposure such that the portfolio beta becomes 2. How many futures contracts should the manager long/short
Answer:
E-Mini futures = $2,939.25
Contract Size = 50
Portfolio Value = $10,000,000, Beta 1.5
Target Beta 2, Planning to increase the exposure
Calculation of Number of contracts needed = [Portfolio Size x (Target Beta - Actual beta)] / Contracts Size x Future Price
= (10,000,000 x (2 - 1.5) ] / 50 x 2939.25
= (10,000,000 x 0.5) / 146962.5
= 5,000,000 / 146962.5
= 34.02228459641065
= 34
So, you need to go Long 34 contracts to Increase the exposure.
A number of states have a minimum wage that is higher than the federal minimum. In those states that impose such a minimum wage, it is more likely that the minimum wage acts as a binding:
Answer:
price floor, causing excess supply in the market.
Explanation:
A number of states have a minimum wage that is higher than the federal minimum. In those states that impose such a minimum wage, it is more likely that the minimum wage acts as a binding price floor, causing excess supply in the market.
A price refers to the amount of money a customer or consumer buying goods and services are willing to pay for the goods and services being offered. The price of goods and services are primarily being set by the seller or service provider.
Price control can be defined as standard restrictions or regulatory conditions that are typically set and enforced by the government of a country.
This ultimately implies that, price controls are used to impose the minimum and maximum prices set by the government, which are to be charged for various goods and services in the market. This minimum price that can be charged such as minimum wage is known as price floor while the maximum price that can be charged such as rent control is known as price ceiling.
Patrick lives in a nation whose government embraces capitalism. He owns his own home and car, as well as his own business and building. Patrick maintains ownership due to:Group of answer choicesThe Freedom of choice.Eminent domain.The freedom of competition.The right to own private property.
Answer:
The right to own private property.
Explanation:
A property right is the exclusive or sole authority which determines the legal ownership of resources and how these resources are to be used, whether by individuals or government.
Hence, when property rights are well defined and markets are competitive, the market equilibrium is consistent with economic efficiency.
This ultimately implies that, when the ownership of resources are well defined and markets are competitive, all benefits from trade between the consumers and producers of goods and services has been maximized, and each units creating more benefit to the consumers than cost have been produced in the economy.
In this scenario, Patrick lives in a nation whose government embraces capitalism. He owns his own home and car, as well as his own business and building. Patrick maintains ownership due to the right to own private property.
Which of the following involved a digital designer?
A.
The hardware that lets your hard drive work.
B.
A computer animated movie
C.
An old cartoon from the 1930s
D.
The evening news
Answer:
your answer is (B)
Explanation:
Answer:
BBB
Explanation:
is the answer have a good day ;)
There are six workers, one at each of the six stations (A-F). They begin their workday at 8:00 a.m. and work steadily until 4:00 pm. (They are replaced with other workers for breaks and lunches, but the production is not slowed or stopped during these times.) Their hourly wage rate is $25 per hour. You can assume unlimited demand. What is the process capacity (you can ignore any start-up or empty system effects), in razors/hour
Answer:
60
Explanation:
Calculation for What is the process capacity in razors/hour
Based on the information given we would be using process capacity of station D Assembly 3:
Process capacity of D=1/60*60sec *60 mins
Process capacity of D=1/60*3,600 razors per hour
Process capacity of D=60
Therefore the process capacity in razors/hour will be 60
11-25 The XYZ Block Company purchased a new office computer and other depreciable computer hardware for $4800. During the third year, the computer is declared obsolete and is donated to the local comrnu- nity college. Using an interest rate of 15%, calculate the PW of the depreciation deductions. Assume that no salvage value was initially declared and that the machine was expected to last 5 years.
Answer:
XYZ Company
The PW (Present Worth) of depreciation deductions is $1,560.96
Explanation:
a) Data and Calculations:
Cost of Equipment = $4,800
Equipment's useful life = 5 years
Interest rate = 15%
Depreciation expense per year = $4,800/5 = $960
The asset was depreciated for two years, with Accumulated Depreciation totaling $1,920 (depreciation deductions).
Discounting $960 for two years, the present worth (present value) of the deductions = annual depreciation expense multiplied by present value annuity factor
=$960 * 1.626
= $1,560.96
b) The asset would have been depreciated for 5 years, but was declared obsolete during the third year. This means that it was only in use for 2 years. Therefore, in calculating the PW of the depreciation deductions, the annual depreciation expense of $960 is discounted to its present value using a present value annuity factor.
Anabella Cunningham is 24 years old and single, lives in an apartment, and has no dependents. Last year she earned $55,000 as a sales representative for Planning Associates; $3,910 of her wages were withheld for federal income taxes. In addition, she had interest income of $142. She takes the standard deduction.Calculate her:a. taxable incomeb. tax liabilityc. tax refund or tax owed for 2018
Answer:
See below
Explanation:
1. Calculation of taxable income
Wages + interest earned
= $55,000 + $142
= $55,142
Choose the best options to complete the following paragraph.In the past, conventional wisdom dictated that the best executives were hired from outside the ranks of a company. ____(PART 1)_______ recent research conclusively indicates that the most successful leaders are promoted from within. ___(PART 2)__________ in order to cultivate strong leadership, many corporations have devoted more resources to succession planning. ___(PART 3)_____________PART 1 Options:Additionally,However, PART 2 Options:However,Therefore,PART 3 Options:Succession planning is the process of identifying suitable employees to assume executive positions.Succession planning can be useful to organizations.
Answer:
However; therefore; succession planning.
Explanation:
A leader can be defined as an individual who is saddled with the responsibility of controlling, managing and maintaining a group of people under him or her.
In the past, conventional wisdom dictated that the best executives were hired from outside the ranks of a company. However, recent research conclusively indicates that the most successful leaders are promoted from within. Therefore, in order to cultivate strong leadership, many corporations have devoted more resources to succession planning.
Succession planning is the process of identifying suitable employees to assume executive positions. Succession planning can be useful to organizations because it simply produces the right candidate at the right time to fill up or assume key positions and help the business firm or organization achieve its goals, aims and objectives successfully.
In 2020Q1 the US unemployment rate was 3.8% and the (estimated) natural unemployment rate was 4.4%. This means the (estimated) cyclical unemployment rate was g
Answer:
The (estimated) cyclical unemployment rate was 0.60%.
Explanation:
The cyclical unemployment rate can be calculated as the difference between the natural unemployment rate and the unemployment rate. This can be stated as follows:
Cyclical unemployment rate = Natural unemployment rate - Unemployment rate ........................... (1)
Where, for the US, we have:
Natural unemployment rate = 4.4%
Unemployment rate = 3.8%
Substituting the values into equation (1), we have:
Cyclical unemployment rate = 4.4% - 3.8% = 0.60%
Therefore, the (estimated) cyclical unemployment rate was 0.60%.
HELP 20 POINTS HWLP HELL
ANSWER:
Path Breakers:
Leo is very confident in his own style of selling, he doesn't go the conventional way, and has charted out a route for himself that gets him the desired results.
Challengers:
Anna puts in a lot of hard work everyday. She also puts in extra effort and record the highest number of visits and calls per day.
Dependable problem solvers:
Tanya understands her customer's business and thinks in a directed manner to solve their problems in an assertive manner through communication.
Toilers:
George always follows up with his customers after a sale. He makes sure that the product has been as per promised by getting in touch with his customers.
Hope this helps!
Which aspect of marketing (branding, promotion, or market research) is the most important for companies to consider when
doing business in the global economy, and why? Write one or two paragraphs to respond to this question. Support your
response with examples or other details
Suppose Brian is in the market for a used textbook and the campus bookstore is having a sale. If the initial price of the used book is $73.25 and the discounted price is $68 , what is the percentage change in the book price
Answer:Percentage change in the book price =7.17%
Explanation:
Initial Price of the used book = $73.25
Discounted price = $68.00
Percentage change in the book price = Initial Price - Discounted price/ Initial Price) x 100
($73.25 - $68.00) /$73.25 =5.25 /$73.25 =0.07167
=7.17%
A company records items on the cash basis throughout the year and converts to an accrual basis for year-end reporting. Its cash-basis net income for the year is $70,000. The company has gathered the following comparative Balance Sheet information: Beginning of year End of year Accounts payable $3,000 $1,000 Unearned revenue 300 500 Wages payable 300 400 Prepaid rent 1,200 1,500 Accounts receivable 1,400 600 What amount should the company report as its accrual-based net income for the current year?
Answer:
$71,200
Explanation:
The computation of the amount of the net income that should be based on accrual basis is given below:
Here we added the starting balance of liability and deduct the closing balance of liability
Also the asset closing balance would be added while the asset beginning balance would be deducted
So,
= Net income + Opening balance of account payable - closing balance of account payable + opening balance of unearned revenue - closing balance of unearned revenue + opening balance of wages payable - closing balance of wages payable + closing balance of prepaid rent - opening balance of prepaid rent + closing balance of account receivable - opening balance of account receivable
= $70,000 + $3,000 - $1,000 + $300 - $500 + $300 - $400 + $1,500 - $1,200 + $600 - $1,400
= $71,200
Which of the following is a principle that asserts that businesses can be a positive force for good in the world in addition to making profits? A. Corporate social responsibility B. Green practices O C. Greenwashing O D. Community development
Answer:
A. Corporate social responsibility
Explanation: a p e x
Corporate social responsibility is a principle that asserts that businesses can be a positive force for good in the world in addition to making profits. Option (a) is correct.
What do you mean by Community?A community is a social unit (a collection of living beings) that shares factors like geography, traditions, beliefs, values, or identity.
A management concept known as "corporate social responsibility" encourages businesses to incorporate social and environmental considerations into their daily operations and relationships with stakeholders.
Environmental duty, ethical responsibility, philanthropic responsibility, and economic responsibility are the four basic categories of corporate social responsibility. Companies may, however, also take into account other CSR initiatives, such as those that promote employee engagement, wellbeing, and diversity.
Therefore, Option (a) is correct. Corporate social responsibility is a principle that asserts that businesses can be a positive force for good in the world in addition to making profits.
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The _____ portion of mixed cost that remains constant per unit with activity within the relevant range
Answer:
Fixed cost
Explanation:
Mixed cost is fixed cost plus variable cost
Fixed costs are costs that do not vary with output. e,g, rent, mortgage payments
If production is zero or if production is a million, Mortgage payments do not change - it remains the same no matter the level of output.
Hourly wage costs and payments for production inputs are variable costs
Variable costs are costs that vary with production
If a producer decides not to produce any output, there would be no need to hire labour and thus no need to pay hourly wages.
What were some early warning signs that signaled things were not going well with the CityTime project?
Answer:
Answer is explained in the explanation section below.
Explanation:
Note: without prior knowledge of the scenario discussed here, no one can answer the question properly. But, I have found the scenario on the internet and read it carefully. Hopefully, person who posted this question must have read it too. Assuming this, I am answering this question.
Early Signs:
Actually, in this case, CityTime was cheated as the fixed price contract was shifted to material and time. As this is completely against the agreement of the contract. It is clearly mentioned in the clauses of the contract agreement as well. Furthermore, all these fraudulent changes were made without taking notice of the city time. As a consequence, actual cost of the project raised or extended from $224 million to $628 million, which is a huge loss to the company. Additionally, due to all this, project experienced several delays which further damaged the company.
Recording Merchandising Transactions INSTRUCTIONS Record the following transactions in T-account form in your working papers for Sharp Shot Camera Shop. A partial chart of accounts follows:
General Ledger
Cash in Bank
Accounts Receivable
Merchandise Inventory
Accounts Payable
Sales
Apr 4. Sold 10 Canon cameras on account for $3,000, Sales Slip 224.
Apr.10 Sold 2 dozen photo albums for $150, cash, Sales Receipt 302.
Apr. 20 Sold 4 rolls of 35mm film for $24 cash, Sales Receipt 303.
Apr 4. Sold a Canon camera to a customer for $380 cash, Sales Receipt 304.
Answer:
Sharp Shot Camera Shop
General Ledger
Cash in Bank
Date Account Titles Debit Credit
Apr. 10 Sales $150
Apr. 20 Sales 24
Apr. 24 Sales 380
Accounts Receivable
Date Account Titles Debit Credit
Apr. 4 Sales $3,000
Sales
Date Account Titles Debit Credit
Apr. 4 Accounts Receivable $3,000
Apr. 10 Cash 150
Apr. 20 Cash 24
Apr. 24 Cash 380
Explanation:
a) Data and Calculations:
Apr 4 Credit Sales = $3,000
Apr. 10 Cash Sales = $150
Apr. 20 Cash Sales = $24
Apr. 24 Cash Sales = $380
b) The initial records are made in the journal which debits Cash and Accounts Receivable and credits Sales Account for each transaction.
There is no convenient or economical way to trace a(n) _______ from the cost to the cost pool or from the cost pool to the cost object.
Answer:
Indirect cost
Explanation:
Indirect costs are those that are not directly attributable to a product cost. Rather they contribute to the production process that makes it possible for the company to produce products.
Examples of indirect costs are administrative costs, rent, security cost, and personnel cost.
As it does not contribute directly to product cost it is difficult to trace these costs from cost to the cost pool or from the cost pool to the cost object.
Usually indirect costs are shared among all the products manufactured.
